Zim Dollar Breaches $300 Mark At RBZ Forex Auction
The foreign exchange weighted average rate has fallen to US$1: ZWL$308.5201 from US$1: ZWL$290.8876 announced by the Reserve Bank of Zimbabwe (RBZ) last week.
At this week’s RBZ foreign currency auction conducted on Tuesday, 31 May 2022, a total of US$25.59 million was allotted.
The bulk of the allotment went to raw materials followed by machinery and equipment, the same as last week.
782 bids were received on the Small to Medium enterprises forex auction, with 723 accepted and 59 disqualified. The total number of bids allotted was 613.
On the main forex auction, a total of 285 bids were received, 263 were accepted and 22 were disqualified. The total number of bids allotted was 235.
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The RBZ said bids with overdue CDIs, outstanding Bills of Entry (BOEs), insufficient ZWL and those with sufficient FCA balances were also disqualified.
Some bids were also allotted on a pro-rata basis.
| Number of Bids Received |
SMEFX89/2022 782 |
MAIN FX95/2022 285 |
| Number of Bids Disqualified : | 59 | 22 |
| Total Number of Bids Accepted : | 723 | 263 |
| Total Number of Bids Allotted : | 613 | 235 |
| Total Value of Bids Accepted : | USD5,135,841.87 | USD23,947,063.37 |
| Amount Allotted : | USD4,425,590.12 | USD21,165,154.67 |
| Highest Rate Received | : 340.0000 | 340.0000 |
| Lowest Bid Rate Allotted : | 290.0000 | 290.0000 |
| Weighted Average Rate : | 308.5201 |
| PURPOSE | AMOUNT ALLOTTED SME AUCTION | AMOUNT ALLOTTED MAIN AUCTION |
| Raw Materials | 1,074,866.64 | 11,077,620.25 |
| Machinery and Equipment | 1,678,233.12 | 3,597,642.53 |
| Consumables (Incl. Spares, Tyres, Electricals, etc) | 583,152.38 | 1,817,428.66 |
| Services (Loans, Education, Dividends, Disinvestments, etc) | 376,205.05 | 1,647,857.01 |
| Retail and Distribution (Incl. Food, Beverages, etc) | 388,571.00 | 1,439,602.03 |
| Electricity | 16,187.13 | 0 |
| Pharmaceuticals and Chemicals | 193,117.15 | 954,924.90 |
| Paper and Packaging | 115,257.65 | 630,079.29 |
| TOTAL | 4,425,590.12 | 21,165,154.67 |
| GRAND TOTAL AWARDED | 25,590,744.79 |
